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Registered number: 13154151
TWV NO. 1 LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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TWV NO. 1 LIMITED
COMPANY INFORMATION
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1st Floor Sackville House
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Magee Gammon Corporate Limited
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Chartered Accountants & Statutory Auditors
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TWV NO. 1 LIMITED
CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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TWV NO. 1 LIMITED
REGISTERED NUMBER: 13154151
BALANCE SHEET
AS AT 31 DECEMBER 2021
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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PROVISIONS FOR LIABILITIES
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Allotted, called up and fully paid share capital
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EQUITY SHAREHOLDERS' DEFICIT
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Page 1
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TWV NO. 1 LIMITED
REGISTERED NUMBER: 13154151
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the Directors' Report and the Statement of Comprehensive Income in accordance with provisions applicable to companies subject to the small companies' regime, under Section 444 of the Companies Act 2006.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 March 2023.
The notes on pages 4 to 9 form part of these financial statements.
Page 2
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TWV NO. 1 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
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At 25 January 2021 on incorporation
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COMPREHENSIVE INCOME FOR THE PERIOD
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Shares issued during the period
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The notes on pages 4 to 9 form part of these financial statements.
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Page 3
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TWV NO. 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
TWV No. 1 Limited (Company number: 13154151), having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BN, is a private company incorporated in England and Wales, limited by shares.
The principal place of business of the Company is Commonside Farm, Common Road, Barlow, Selby, Y08 8JF.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company was incorporated on 25 January 2021 and the financial statements cover the period from 25 January 2021 to 31 December 2021.
The following principal accounting policies have been applied:
The Company has taken advantage of the exemption in Financial Reporting Standard 102, section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.
The financial statements have been prepared on a going concern basis, despite the net liabilities of £70,673 which the directors believe to be appropriate for the following reason.
The directors have been provided with an undertaking from the Company's parent undertaking, Vantage RE Ltd, that they will, for at least 12 months from the date of approval of these financial statements, continue to make available such funds as are needed by the Company and, in particular, will not seek repayment of the amounts currently made available. This should enable the Company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment.
The financial statements do not include any adjustments that would result from the going concern basis of the preparation being inappropriate.
Page 4
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TWV NO. 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
2.ACCOUNTING POLICIES (CONTINUED)
Turnover relates to the operation of a wind farm and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method up to the earlier of:
- Planning permission expiry
- Lease expiration date
- 25 years from the commissioning of the wind turbines
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Short-term debtors are measured at transaction price, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Page 5
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TWV NO. 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
2.ACCOUNTING POLICIES (CONTINUED)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Short-term creditors are measured at the transaction price.
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FOREIGN CURRENCY TRANSLATION
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Functional and presentation currency
The Company's functional and presentational currency is British Pound Sterling (GBP).
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period-end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.
Page 6
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TWV NO. 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
2.ACCOUNTING POLICIES (CONTINUED)
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CURRENT AND DEFERRED TAXATION
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The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the United Kingdom where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
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The average monthly number of employees, including directors, during the period was 4.
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Page 7
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TWV NO. 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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Prepayments and accrued income
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CREDITORS: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Page 8
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TWV NO. 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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As at 31 December 2021, the Company had identified a future liability in relation to the decommissioning of the wind turbine and reinstatement of land.
As at 31 December 2021, an accurate estimate of this future liability was unattainable and as such, no provision has been recognised within the accounts. This liability is not expected to crystallise until 24 July 2039.
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RELATED PARTY TRANSACTIONS
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The Company has taken advantage of Section 33.1A of FRS102 in not disclosing transactions between wholly-owned members of a group.
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CONSOLIDATING PARENT UNDERTAKING
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The consolidating parent undertaking, Vantage RE Ltd., is a private limited company incorporated in England and Wales and prepares consolidated financial statements for the group. Vantage RE Ltd. is registered at 1st Floor, Sackville House, 143-149 Fenchurch Street, London, United Kingdom, EC3M 6BL.
The auditors' report on the financial statements for the period ended 31 December 2021 was unqualified.
The audit report was signed on 23 March 2023 by Joshua Conlon (FCCA) (Senior Statutory Auditor) on behalf of Magee Gammon Corporate Limited.
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